TCRAP_Public/120125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, January 25, 2012, Vol. 15, No. 18

                            Headlines


A U S T R A L I A

BANK OF QUEENSLAND: Moody's Lowers Preference Stock Rating to Ba1
BURRUP FERTILISERS: Deadline Looms for Yara's Counter Offer
TRIO CAPITAL: 200 Investors Face Loss as FOS Drops Pursuit
* AUSTRALIA: Regulator Bans Sydney Lliquidator for 2-1/2 Years


C H I N A

CDC CORP: Court Allows Kobre & Kim to Handle Evolution Matters
CDC CORP: Equity Committee Taps Morgan Joseph as Fin'l Advisor
SINO-FOREST CORP: Canada Securities Regulator Extends Trading Ban
WINSWAY COKING: Moody's Reviews 'Ba3' CFR for Possible Downgrade


H O N G  K O N G

GOLDEN LAND: Creditors' Proofs of Debt Due Feb. 21
GRANDTREE INTERNATIONAL: Creditors' Meeting Set for Feb. 7
GRANT HEALTH: Final Meetings Slated for March 2
GUANG XIN: Chung and Chi Step Down as Liquidators
HARBOUR HUGH: Creditors' Proofs of Debt Due March 31

HEALTH LIFE: Creditors' Proofs of Debt Due March 31
ITI INTERNATIONAL: Members' Final Meeting Set for Feb. 21
JARDINE TECHNICAL: Ying and Chan Step Down as Liquidators
KASON DEVELOPMENT: Final Meetings Set for Feb. 21
KINA NAVIGATION: Creditors' Proofs of Debt Due Feb. 15

MAGNUM CAPITAL: Seng and Lo Step Down as Liquidators
MAGNUM LEISURE: Seng and Lo Step Down as Liquidators
MAGNUM MANAGEMENT: Seng and Lo Step Down as Liquidators
MANNES INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
NEW NAM: Members' Final General Meeting Set for March 2


I N D I A

ADVANCE CABLE: ICRA Assigns 'BB-' Rating to Fund-Based Facilities
BANK OF BARODA: Moody's Tags Jr. Subordinated Debt at '(P)Ba1'
BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR11.82cr to 'D'
BOSS PHARMA: ICRA Assigns '[ICRA]BB-' rating to INR4cr LT Loan
B.P. PACKAGINGS: ICRA Assigns '[ICRA]B+' Rating to INR2.3cr Loan

CHIRAJ STOCK: ICRA Puts '[ICRA]B' on INR1.75cr Fund Based Loan
DWARIKESH SUGAR: ICRA Cuts Rating on INR573.34cr Loan to 'BB+'
JHS SVENDGAARD: ICRA Cuts Rating on INR17cr Loan to '[ICRA]D'
JUMBO BAG: ICRA Cuts Rating on INR3.1cr Loans to '[ICRA]BB+'
KALYAN SILKS: ICRA Cuts Rating on INR27.44cr Loan to '[ICRA]BB+'

PARAMOUNT PHARMA: ICRA Assigns '[ICRA]BB-' Rating to INR7cr Loan
SILKTEX LIMITED: Delays in Debt Servicing Cues ICRA Junk Rating
S.R.R. JEWELS: Stressed Liquidity Position Cues ICRA Junk Rating
VASANTHA SPINNERS: ICRA Reaffirms '[ICRA]BB' Long-Term Rating


J A P A N

L-JAC5 TRUST: Moody's Lowers Rating on Class E-1 Notes to 'C'


K O R E A

NATIONAL AGRICULTURAL: Moody's to Check Impact of Reorg on Rating
NATIONAL AGRICULTURAL: Solicits Consents from Noteholders


N E W  Z E A L A N D

BLUE CHIP: Liquidator Lodges $40MM Claim Against Execs, Auditor
CRAFAR FARMS: Fay Group Files Legal Action to Obtain OIO Report
CRAFAR FARMS: Third Person Arrested in Natural Dairy Case


S I N G A P O R E

FUSION GARAGE: Goes Into Voluntary Liquidation
LTN HOLDINGS: Creditors' Proofs of Debt Due Feb. 20
MECH-TECH MARINE: Creditors' Meeting Set for Feb. 9
SWISSVALE PTE: Creditors' Proofs of Debt Due Feb. 20
TAMPINES VALE: Creditors' Proofs of Debt Due Feb. 20

VAREWARE TRADING: Creditors' Proofs of Debt Due Feb. 3


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BANK OF QUEENSLAND: Moody's Lowers Preference Stock Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Bank of
Queensland Limited by one notch, upon conclusion of its review
for possible downgrade initiated on Oct. 20, 2011.  Ratings
affected by this downgrade are its long-term senior unsecured
debt rating to A3 from A2, subordinated debt rating to Baa1 from
A3, preference stock rating to Ba1(hyb) from Baa3(hyb), short-
term rating to Prime-2 from Prime-1, and Bank Financial Strength
Rating to C- from C (its stand-alone rating, which maps to a Baa1
from A3 on the long-term ratings scale).

The BFSR and long-term ratings carry a negative outlook. Rating
outlooks reflect the likely direction of an issuer's rating over
the medium term, and are not a ratings review which itself
indicates that a rating is under consideration for a change in
the near term.

Ratings Rationale

"The lowering of BoQ's ratings reflects the deterioration in
asset quality and ongoing structural challenges", says Marina Ip,
an Assistant Vice President at Moody's Sydney office.

BoQ's loans quality deteriorated markedly over FY2011, mostly as
a result of a number of large commercial property loans. Whilst
the bank has completed a comprehensive review of its largest
commercial exposures, identifying and providing for weaker loans,
the weakening economic environment will render it difficult to
resolve these loans, as well as raising the risk of further asset
quality deterioration including more depressed collateral
valuations.

Meanwhile, with 40% of its funding from wholesale markets at
FY2011, BoQ faces considerable challenges amidst a very difficult
funding market, which may limit the availability cost-effective
wholesale funding options. This is particularly relevant, given
that BoQ plans to grow its loans above the system average going
forward, in part to meet shareholders' profitability
expectations.

Indeed, this points to the key challenge facing Australia's
smaller regional banks going forward; achieving shareholder
expectations for profitability similar to that of Australia's
major banks -- but without taking on too much risk and within the
constraints of generally having to pay more for funding
(particularly wholesale), having lesser economies of scale and
ability to invest in technology, and being less able to develop
sizeable fee income streams.

Given the uncertainties outlined above, the outlook for BoQ's
BFSR and long-term ratings remains negative, and reflects Moody's
view that the subdued economic environment may have an adverse
impact on the bank's asset quality position. Another driver for
the negative outlook is the challenge of sourcing reliable and
cost effective funding for its above system growth targets.

Further downward pressure on the ratings is likely if asset
quality metrics weaken further, any new single large impairment
loans be identified; there is an increase in the overall level of
wholesale funding as a proportion of total funding and/or short-
term wholesale funding increases as a proportion of wholesale
funding; the bank experiences any difficulties in refinancing its
maturing debt obligations, there is a decline in capital adequacy
ratios.

A return to a stable outlook will be considered upon a
sustainable improvement in asset quality metrics, including the
prospect for impairment expenses to fall in FY2012, and a
reduction in reliance on wholesale funding.

The principal methodologies used in rating Bank of Queensland
were "Bank Financial Strength Ratings: Global Methodology"
published in February 2007 and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings : A Refined Methodology"
published in March 2007.

Bank of Queensland Limited is headquartered in Brisbane,
Queensland, Australia. It reported assets of AUD39.9billion
(approximately US$42.7 billion) at FY2011 ending Aug. 31, 2011.


BURRUP FERTILISERS: Deadline Looms for Yara's Counter Offer
-----------------------------------------------------------
Rania Spooner at The Sydney Morning Herald reports that the
future of the Oswal family's majority stake in Burrup Holdings
should be revealed in the coming days with the window closing for
Yara International to counter an offer by energy giant Apache
Corp offer over the receiver-held stake.

According to the report, the sale of Burrup is expected to go
ahead in the coming week after Houston-based Apache made a
$560 million offer for the Oswal stake after successful
negotiations last month.

The news agency relates that Apache also confirmed plans to
continue developing a technical ammonium nitrate plant on the
Burrup Peninsula, designed to tap into the explosives supply
market for booming iron ore mines in the Pilbara.

Apache currently operates the Harriet joint venture, which
supplies gas to the Burrup plant, SMH says.

Apache chairman and chief executive G. Steven Farris previously
said the investment decision was spurred by the company's desire
to stabilize the project and secure the WA market for Apache's
gas, the report relates.

However, with a 35% interest in Burrup, Yara has an automatic
right to counterbid on the offer, SMH notes.

SMH says some media outlets have reported Yara and Apache were
this week in talks to split the Oswal stake.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.


TRIO CAPITAL: 200 Investors Face Loss as FOS Drops Pursuit
----------------------------------------------------------
Bevan Shields at Illawara Mercury reports that the decision by
the Financial Ombudsman Service to drop its pursuit of Wollongong
financial planner Ross Tarrant is another blow to Wollongong
investors hit by the 2009 collapse of Trio Capital.

Mr. Tarrant's clients face a collective loss of about $23 million
after taking his advice to invest in Trio Capital's Astarra
Strategic Fund, the Illawara Mercury relates.

Regulators said the Federal Government later declared the fund a
fraud, with more than $100 million funnelled to offshore tax
havens, according to the report.

More than 700 Illawarra investors will eventually receive full
compensation from a $55 million bailout package because they
invested through government-regulated funds, the report says.

But about 200 former Tarrant Financial Consultants clients were
not eligible for government assistance because they were self-
managed super fund investors, reports Illawara Mercury.

The report relates that many of these clients turned to the
Financial Ombudsman Service (FOS) in the hope the independent
body would make an adverse finding against Mr. Tarrant and order
that he repay lost funds.

According to the report, one Keiraville couple, who did not wish
to be named, opted against joining a class action against
Mr. Tarrant in favor of trying to recoup more than $1.1 million
through the Financial Ombudsman Service.

However, the report relates, the couple have been told the case
would go no further because a FOS pursuit of an insolvent entity
would not produce any monetary compensation.

Tarrants Financial Consultants went into liquidation in 2010, the
report notes.

The FOS decision means prolonged and expensive civil court action
is now the only way many may recover their money, Illawara
Mercury adds.

                       About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities and Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


* AUSTRALIA: Regulator Bans Sydney Lliquidator for 2-1/2 Years
-------------------------------------------------------------
Australian Securities and Investments Commission has accepted an
enforceable undertaking (EU) from Sydney liquidator, Peter Ngan,
which prevents him from practising as a registered liquidator for
the next two-and-a-half years.

Following a review of 24 external administrations which
Mr. Ngan managed as sole appointee at his firm, Ngan & Co, ASIC
found that Mr. Ngan, who is also an official liquidator, failed
to carry out or properly perform his duties.

ASIC Deputy Chairman Belinda Gibson said the matter was detected
through ASIC's proactive liquidator compliance program which has
been tasked to identify issues with practitioners in the industry
for further investigation and appropriate enforcement action as
required.

"ASIC is committed to holding all gatekeepers, including
registered liquidators, to account for their responsibility to
creditors and to the court. Registered liquidators must ensure
they have the capacity to discharge their duties," Ms. Gibson
said.

"Our proactive program of compliance visits for insolvency
practitioners continues and we will take appropriate steps to
deal with liquidators who don't meet their obligations."

The EU requires Mr. Ngan to:

   -- apply to the Supreme Court of New South Wales within
      seven days of ASIC accepting the EU, to be replaced
      as external administrator of all 35 external
      administrations of which he is currently the appointed
      external administrator for two-and-a-half years (period
      of suspension) not perform any duty or function which
      requires the person performing such duty or function to
      be registered as a liquidator not perform any work on
      the external administrations where the court replaces
      him as the appointed external administrator
      participate in an additional 75 hours Continuing
      Professional Development during the period of
      suspension; and

   -- have an independent registered liquidator (approved by
      ASIC) review and report to ASIC on the first four
      creditors' voluntary liquidations and the first two
      voluntary administrations that involve the assessment
      of the merits and the administration of the operative
      terms of a deed of company arrangement, following the
      end of the period of suspension.

Mr. Ngan acknowledged and accepted ASIC's concerns that he:

   * failed to identify, secure and deal appropriately with
     assets;

   * carried out incomplete or inadequate investigations;

   * did not adequately report to creditors;

   * did not adequately report to ASIC or not report at all;

   * adopted inappropriate remuneration practices and time
     recording procedures;

   * failed to disclose prior relationships and indemnities;

   * had inadequately maintained books; and

   * unnecessarily delayed finalising external administrations.

Mr. Ngan also acknowledged and accepted ASIC's concerns that he
failed to disclose prior relationships and indemnities.

In acknowledging and accepting ASIC's concerns, Mr. Ngan admitted
that he failed to carry out or perform adequately and properly
the duties of a liquidator.


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C H I N A
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CDC CORP: Court Allows Kobre & Kim to Handle Evolution Matters
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized CDC Corporation to employ Kobre & Kim LLP as its
special litigation counsel in connection with:

     -- pending cases involving Evolution CDC SPV Ltd., Evolution
        Master Fund Ltd., SPC, Segregated Portfolio, and E1 Fund
        Ltd.; and

     -- potential litigation issues that might arise in
        connection with transactions contemplated pursuant to the
        Debtor's engagement letter with Moelis & Company LLC, the
        Debtor's financial advisor and investment banker.

The firm's attorneys charge US$400 to US$825 per hour, with the
exception of one of its partners who are English Queen's Counsel
whose rates are GBP750 per hour, which amount will be converted
to US dollars upon invoicing at the then current exchange rate.
Non-lawyer paraprofessionals charge a blended rate of US$250 per
hour.

                           About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.


CDC CORP: Equity Committee Taps Morgan Joseph as Fin'l Advisor
--------------------------------------------------------------
The Official Committee of Equity Security Holders of CDC
Corporation seeks permission from the U.S. Bankruptcy Court for
the Northern District of Georgia to retain Morgan Joseph
TriArtisan LLC as its financial advisor.

Subject to the Court's approval, Morgan Joseph will receive a
monthly fee of $100,000.

Morgan Joseph will also receive a completion fee of $750,000,
provided, however, that if the transaction is not (a) a sale of
all or a majority of the equity securities of the Company's
subsidiary CDC Software Corporation, (b) the merger or
combination of the Business with that of an acquirer or other
third party or (c) an acquirer's acquisition of all or a portion
of the assets, properties of business operations of the Business,
whether pursuant to an 11 U.S.C. Section 363 sale, plan of
reorganization, sale of CDC Corporation or otherwise, then the
completion fee will be $2,000,000.

The firm will also seek reimbursement for reasonable out-of-
pocket expenses it incurred in connection with the engagement.

To the best of the Equity Committee's knowledge, Morgan Joseph is
a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.


SINO-FOREST CORP: Canada Securities Regulator Extends Trading Ban
-----------------------------------------------------------------
Bloomberg News reports that the Ontario Securities Commission
said it extended the trading ban on Sino-Forest Corp., the
Chinese timber company fending off fraud allegations, because the
company's disclosures remain "incomplete."

At a hearing Monday in Toronto, the regulator lengthened the
trading suspension, which was due to expire today, Jan. 25, to at
least through April 16.

According to Bloomberg, OSC Vice Chairman Mary G. Condon said the
extension is in the public interest because Sino-Forest remains
in default of continuous disclosure requirements and the
company's special committee of independent directors has yet to
issue a final report on its investigation of fraud allegations.

"This lack of disclosure fails to provide a satisfactory
assurance that an orderly market in the securities of Sino-
Forest can be maintained," Bloomberg quotes Mr. Condon as saying
at the hearing.

In August, Bloomberg recalls, the OSC halted trading of
Hong Kong- and Mississauga, Ontario-based Sino-Forest after the
shares fell 74% since June, when short seller Carson Block's
Muddy Waters LLC said the company had overstated its timber
holdings.

Sino-Forest, which has denied the allegations, set up the special
committee to investigate the assertions in the Muddy Waters
report, Bloomberg relates.  The company said Jan. 12 the
committee will release its findings by the end of this month, the
report notes.

                        About Sino-Forest

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.


WINSWAY COKING: Moody's Reviews 'Ba3' CFR for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade, the Ba3 corporate family and B1 senior unsecured
ratings of Winsway Coking Coal Holdings Ltd.

Ratings Rationale

This action follows external allegations regarding Winsway's
overstatement of its inventory, and the existence of undisclosed
related party transactions.

As a result, the company's equity and bond prices have been
negatively affected.

"While Winsway has been proactively addressing most of the
allegations, Moody's is concerned that the company's business
plan and operations, as well as its access to the financing
market, will be negatively affected in the interim," says Ken
Chan, a Moody's Vice President and Senior Analyst.

"It also creates uncertainty regarding its acquisition of Grande
Cache Coal Corp, which is in progress."

At the same time, Moody's notes that Winsway's liquidity appeared
healthy as of its June 2011 reported figures. It had unrestricted
cash-on-hand of HK$5.8 billion, compared with short-term debt of
HK$572 million as of 1H2011.

From the company's representation during investor calls on
January 19 and January 20, 2012, its 2011 ending cash balance was
slightly less than the figure in 1H2011, with a good portion of
the cash sitting offshore.

In its review, Moody's will assess the veracity of the claims
with a particular focus on:

1) Verification of Winsway's inventory balance over the last two
   to three years

2) Winsway's relationships, procurement, and business
   arrangements with intermediaries

3) The potential existence of related party transactions

4) The financial impact on Winsway, if its acquisition of Grande
   Cache Coal Corp were delayed, as a result of these recent
   developments

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Winsway Coking Coal Holdings Limited's core industry and
believes Winsway Coking Coal Holdings Limited's ratings are
comparable to those of other issuers with similar credit risk.

Winsway Coking Coal Holdings Limited is one of the largest
suppliers of coking coal in China, and obtains its supplies from
Mongolia and other international markets. The company also
processes coal and provides logistic services to its customers,
mainly Chinese steel makers and coke plants, through its
integrated coking coal supply chain in China. Listed on the Hong
Kong Stock Exchange in September 2010, Winsway is 49.7%
controlled by founder and CEO Wang Xingchun.


================
H O N G  K O N G
================


GOLDEN LAND: Creditors' Proofs of Debt Due Feb. 21
--------------------------------------------------
Creditors of Golden Land Investments Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 21, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 18, 2012.

The company's liquidator is:

         Leung Hin Wai
         7/F, Harcourt House
         39 Gloucester Road
         Wan Chai, Hong Kong


GRANDTREE INTERNATIONAL: Creditors' Meeting Set for Feb. 7
----------------------------------------------------------
Creditors of Grandtree International Company Limited will hold
their meeting on Feb. 7, 2012, at 11:00 a.m., for the purposes
provided for in Sections 228A, 241, 242, 243, 244, 251(1)(a) and
255A of the Companies Ordinance.

The meeting will be held at Room 202, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.


GRANT HEALTH: Final Meetings Slated for March 2
-----------------------------------------------
Members and creditors of Grant Health Medical Laboratory Services
Limited will hold their final meetings on March 2, 2012, at
11:30 a.m., and 3:30 p.m., respectively at Room 1001, Allied
Kajima Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Yu Kwong Fat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


GUANG XIN: Chung and Chi Step Down as Liquidators
-------------------------------------------------
Jacky Chung Wing Muk and Gabriel Chi Kok Tam stepped down as
liquidators of Guang Xin Enterprises Limited on Jan. 11, 2012.


HARBOUR HUGH: Creditors' Proofs of Debt Due March 31
----------------------------------------------------
Creditors of Harbour Hugh Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 19, 2012.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


HEALTH LIFE: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
Creditors of Health Life Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 16, 2012.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


ITI INTERNATIONAL: Members' Final Meeting Set for Feb. 21
---------------------------------------------------------
Members of ITI International Trading and Intermediary Company
Limited will hold their final meeting on Feb. 21, 2012, at 11:00
a.m., at Place de Saint-Gervais 1 Case Postale 2049 1211 Geneve 1
Switzerland.

At the meeting, Ariane Slinger, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JARDINE TECHNICAL: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Jardine Technical Products Limited on Jan. 10, 2012.


KASON DEVELOPMENT: Final Meetings Set for Feb. 21
-------------------------------------------------
Contributories and creditors of Kason Development Limited will
hold their final meetings on Feb. 21, 2012, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, at
61-65 Des Voeux Road, Central, in Hong Kong.

At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KINA NAVIGATION: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------------
Creditors of Kina Navigation Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 15, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 9, 2012.

The company's liquidator is:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower, Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


MAGNUM CAPITAL: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Magnum Capital Limited on Jan. 7, 2012.


MAGNUM LEISURE: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Magnum Leisure Limited on Jan. 7, 2012.


MAGNUM MANAGEMENT: Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Magnum Management Limited on Jan. 7, 2012.


MANNES INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Jan. 20, 2012,
creditors of Mannes International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Huang Wei Sandy
         Room 409, 4/F
         Tower 1, Silvercord Centre
         30 Canton Road
         T.S.T., Kowloon
         Hong Kong


NEW NAM: Members' Final General Meeting Set for March 2
-------------------------------------------------------
Members of New Nam Fung Restaurant Limited will hold their final
general meeting on March 2, 2012, at 5:00 p.m., at G/F, 18 Nullah
Road, Mongkok, in Kowloon.

At the meeting, Ho Shuk Mui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


=========
I N D I A
=========


ADVANCE CABLE: ICRA Assigns 'BB-' Rating to Fund-Based Facilities
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the fund
based facilities and short term rating of '[ICRA]A4' to the non-
fund based facilities of Advance Cable Technologies Private
Limited aggregating to INR15.0 crore.  The outlook on the long-
term rating is stable.

The Ratings reflect the small scale of operations and low margins
in a material intensive industry characterized by low level of
value addition, fragmentation and high competition in the
industry, which continues to put pressures on the cable
realisations while at the same time constraining the seller's
ability to pass on input price increases to the customers. ICRA
notes that the current business has seen just over three years of
operations during which company has added capacity funded by
debt. This has resulted in a relatively high gearing of 3.17x (as
on March 31, 2011) and weak coverage ratios (OPBDITA / Interest
and Finance Charges at 2.36 and Net Cash Accrual/Total Debt at
11%). Ratings are however, supported by past experience of
promoters and demonstrated ability to grow revenue by
consistently adding new clients in past three years. The ratings
also favourably factor in a reputed clientele base. Going forward
Company's ability to grow revenue while maintaining the margin
will remain key rating driver.

                       About Advance Cable

Advance Cable Technologies Private Limited was incorporated on
16th October 2002 as a private limited company. The Company is
engaged in manufacturing of Special Cable & Sophisticated Cables
for Telecommunication, Power & Single Control. It manufactures
cables for applications like power and control, instrumentation,
signal transmission, telecommunication, fire alarm, fire-
survival, high temperature and custom designed cords and cables.
The cables produced by the Company meets National Standards such
as like IS:1554, IS:694, IS:7098, BSNL's TEC GRs, JSS and various
International standards like BS, ISO, DIN VDE, IEC, ANSI, UL,
NES, MIL, JASO, ASTM etc.


BANK OF BARODA: Moody's Tags Jr. Subordinated Debt at '(P)Ba1'
--------------------------------------------------------------
Moody's Investors Service has affirmed Bank of Baroda's deposit
and debt ratings, with a stable outlook.

The detailed ratings affirmations are:

  Local currency deposits: Baa2/P-2

  Foreign currency deposits: Baa3/P-3

  Foreign currency senior unsecured debt: Baa2

  Foreign currency senior unsecured debt program: (P)Baa2

  Foreign currency subordinated debt: Baa3

  Foreign currency subordinated debt program: (P)Baa3

  Foreign currency junior subordinated debt program: (P)Ba1

Bank of Baroda's Baa3/P-3 foreign currency deposit ratings are
constrained by the sovereign ceiling for foreign currency
deposits. The foreign currency debt ratings are assigned to the
London branch of Bank of Baroda for where it issues this debt
under its medium-term notes program.

Moody's has also affirmed the bank's D+ bank financial strength
rating (BFSR), mapping to a baseline credit assessment (BCA) of
Ba1, with a stable outlook.

"The affirmation of Bank of Baroda's deposit and debt ratings,
and stable outlook, reflects the bank's significant franchise
with growing market share, stable asset quality, as well as its
strong liquidity position and income profiles," says Vineet
Gupta, a Moody's Vice President and Senior Analyst.

Bank of Baroda's profitability indicators are strong, and compare
well with other Baa2-rated public-sector banks. At end-March
2011, its recurring earnings power (pre-provision income/average
risk weighted assets) was strong at 3.8%, and the return on
average risk-weighted assets was also strong at 2.32%.

The bank's earnings profile has been maintained in the six-month
period, ending September 2011.

"After factoring in the advantages of cost efficiency and stable
fee income, and despite pressures on net interest margins due to
an increase in the costs of funds, strong recurring earnings
should continue," says Mr. Gupta.

"The possible downside to this expected scenario could emerge if
the bank suffers significant asset quality or franchise
deterioration, but which Moody's does not believe is likely."

Asset quality indicators are stable, and compare well with other
Baa2-rated public-sector banks. Its gross non-performing loan
(NPL) ratio was stable at 1.4% at end-September 2011 (1.36% at
end-March 2011), and net NPLs were below 0.5%.

Provisioning cover is adequate at 66%, although it has declined
from 75% at end-March 2011. The bank's credit portfolio is well-
diversified, with no individual sector exceeding 6% of total
credit exposures.

"Over the next few quarters, given the challenges in its
operating environment and expected vulnerability in the
infrastructure portfolio (power and telecom), the bank's asset
quality indicators could experience some deterioration. However,
Moody's does not expect this deterioration to be strong enough to
negatively impact the ratings," says Mr. Gupta.

The bank's capitalization levels improved at end-March 2011,
driven by strong internal capital generation and an equity
infusion of INR24.61 billion from the Indian government. The
bank's core Tier 1 capital ratio is adequate at 8.5%, enabling it
to grow further and to meet the proposed draft Basel III
guidelines. The bank also expects to receive another equity
infusion in FY2012, which would take the government's share to
58% from its current 57%.

Bank of Baroda has adequate liquidity, driven by its strong
retail franchise and mandatory government securities portfolio.
Its liquidity position is comparable to other Baa2-rated Indian
public-sector banks.

The bank's D+ BFSR could be upgraded if it reduces its annual NPL
formation rate to below 1%, and strengthens its core Tier 1
capital to over 10%.

The supported ratings -- Baa2 senior debt and Baa2/P-2 local
currency deposit rating -- are already at the country ceilings.
The constrained Baa3/P-3 foreign currency deposit rating would be
upgraded if the country ceiling were revised upwards.

The bank's BFSR is at the lower end of D+, which provides a
significant cushion on its asset quality, capitalization, and
profitability indicators. However, if the bank were to face
significant deterioration in its capitalization levels or asset
quality, its BFSR could come under pressure.

The supported ratings -- Baa2 senior debt ratings, Baa3
subordinated debt, and (P)Ba1 junior subordinated debt program --
would be lowered if the support assumptions on these debt
instruments changed.

The principal methodologies used in rating Bank of Baroda were
Bank Financial Strength Ratings: Global Methodology published in
February 2007, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007 and Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

Bank of Baroda, headquartered in Mumbai, had assets of INR 3,584
billion as of March 31, 2011.


BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR11.82cr to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR11.82 crore
line of credit of Bhagyanagar Chlorides Pvt Ltd from '[ICRA]BB-'
to '[ICRA]D'.

The rating revision is primarily on account of BCPL's continued
stretched liquidity position as reflected in delays in principal
repayments over the last six months. The tight liquidity position
is on account of inability of the company to achieve high
capacity utilization of the new plant at Saggonda. The rating is
also constrained by the single product nature of operations of
the company which exposes BCPL to cyclicality in the finished
goods and raw material prices. In addition the falling Chlorine
prices have resulted in large integrated Chlor-Alkali firms like
Gujarat alkalis and chemicals Ltd, Aditya Birla Group expanding
the downstream derived product capacities which could limit the
pricing power and market share of small players like BCPL. The
ratings are however, supported by the proximity of the plant to
the major raw material suppliers and long standing experience of
the management of BCPL in the inorganic Chemicals sector.

                    About Bhagyanagar Chlorides

Bhagyanagar Chlorides Pvt Ltd was established in 1990 by the
promoters Mr. A V S Prasad and Mr. P Srinivas Rao. The company
manufactures aluminium chloride in powder (particle size 0-2 mm)
and granular forms (particle size 2-10 mm). The company has set
up a new plant at Saggonda in West Godavari District of Andhra
Pradesh with installed capacity to manufacture 1000 MT of
aluminium chloride per month.

During FY 2011, the company reported sales of INR30.91 crore and
net profit of INR1.41 crore as against sales of INR15.11 crore
and net profit of INR0.11 crore in FY 2010.


BOSS PHARMA: ICRA Assigns '[ICRA]BB-' rating to INR4cr LT Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR4.0 crore, long-term,
fund based limits of Boss Pharma. ICRA has also assigned
'[ICRA]A4' rating to INR4.0 crore short-term, fund based
facilities of the company. The outlook on the long term rating is
'Stable'

While arriving at the rating, ICRA has considered the
consolidated operations of two group entities viz., Paramount
Pharma and Boss Pharma on account of common management and strong
operational linkages between the two firms.

The assigned ratings take into account the long standing
experience of the promoter in the pharmaceutical industry,
comfortable gearing and the presence of the manufacturing
facility to the pharmaceutical hub of Baddi. The ratings are also
supported by the commencement of Paracetamol production at the
plant from FY13, which is likely to have a positive impact on the
margins.

Boss Pharma, a partnership firm was registered in 2007 and the
firm manufactures and trade bulk drugs, with the manufacturing
setup in Baddi, Himachal Pradesh and has an installed capacity of
360 TPA. The firm manufactures ascorbic acid (Vitamin C) and
other vitamin components such as Niacinamide and supplies it to
formulators and trading houses across India. It also undertakes
trading of various raw materials and bulk drugs, on behalf of its
group entity viz., Paramount Pharma. The group entities were
founded by Mr. S.S. Nandwana, an M.Sc in Chemistry, with over 30
years experience in the pharmaceutical industry.


B.P. PACKAGINGS: ICRA Assigns '[ICRA]B+' Rating to INR2.3cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR2.30 crore fund
based INR4.60 crore term loans and INR0.51 crore unallocated bank
line of B.P. Packagings Private Limited.

The rating favorably factors in the long and established track
record of the promoters in packaging industry established past
relation with reputed clients and positive demand outlook for the
industry. The rating is, however, constrained by the modest scale
of operations and thin margins by virtue of relatively low value
added nature of the business. Further, the rating is also
impacted by the vulnerability of profit margins to fluctuations
in prices of key raw material i.e. paper. Besides, the intense
competitive pressure and fragmented nature of the industry
further exert pressure on the margins. ICRA's rating decision
also factors in the relatively high gearing of 4.16 times as on
March 31, 2011 and modest coverage indicators of the company.
(Interest coverage ratio of 1.46 times as on March 31, 2011).

                      About B. P Packagings

B. P Packagings Pvt Ltd is engaged in manufacturing of packing
boxes, sheets, rolls and electric lamp caps through its two
manufacturing facility in Uttar Pradesh & Uttranchal. The company
is promoted by Mr Mohan Tikmani and is also actively managed by
his son Mr Anand Tikmani. The company initially only had one
manufacturing facility in Shikohabad (Uttar Pradesh). However in
FY 10 it started a second facility in Kashipur (Uttrakhand ).
This new facility is highly automated and also enjoys income tax
and excise duty exemption as well.

Recent Results:

In 2010-11, the company has reported an operating income (OI) of
INR13.89 crore with a profit after tax of INR0.11 crore compared
to an OI of INR10.36 crore and profit after tax INR0.25 crore in
2008-09.


CHIRAJ STOCK: ICRA Puts '[ICRA]B' on INR1.75cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR1.75
crore fund based limits (Cash Credit) and INR8.00 crore non-fund
based limits (Bank Guarantee) of Chiraj Stock and Securities Pvt.
Ltd.  ICRA has also assigned a short term rating of '[ICRA]A4' to
the INR2.00 crore non-fund based limits (Letter of Credit) of
CSSPL.

The assigned ratings take into account the small scale of
operations of CSSPL (Operating Income of INR8.1 crore in FY11);
high gearing levels of 2 times in FY11 due to high working
capital borrowings; and high working capital intensity. The
ratings are also constrained by the company's limited order book
and its dependence on one client i.e. Northern Railways, which
expose it to the risk of client and geographic concentration

The ratings, however, draw comfort from reputed customer base of
the company (Northern Railways) which lowers the receivable risk
for its contractual work and built in price escalation clauses
which safeguards profit margins.

In ICRA's view, the key rating sensitivities are improvement in
the scale of operations, new order inflows, and reduction in
working capital intensity.

Incorporated on Aug. 4, 1994, Chiraj Stock & Securities Pvt. Ltd.
is a private limited company engaged in construction activities
primarily for railways. The company has only recently started
operations and is executing two work order for construction of
road under bridge & construction of washing lines etc. amounting
to INR51.34 crores at Sarita Vihar and Anand Vihar Sites in New
Delhi. Main client of the company is Northern Railway. The
company was initially promoted by Shri N C Giri and Shri Ramesh
Chandra Nayak but was later taken over by the present Directors.
At present, it is part of Kanoria Group which through its company
'A Infrastructure Limited' is the majority shareholder in CSSPL.

Recent Results:

CSSPL reported net profit of INR0.3 crore on total revenues of
INR8.1 crore in FY11.


DWARIKESH SUGAR: ICRA Cuts Rating on INR573.34cr Loan to 'BB+'
--------------------------------------------------------------
ICRA has downgraded the long-term rating from '[ICRA]BBB' to
'[ICRA]BB+' assigned to the INR573.34 crore fund based limits and
long-term loans of Dwarikesh Sugar Industries Limited.  The
outlook for the long term rating has been changed from stable to
negative.

The revision of ratings takes into account the deterioration in
the outlook for UP based sugar mills, including DSIL following a
significant hike in cane prices announced for SY 2011-12 by
government of Uttar Pradesh (GoUP) coupled with expectations of
supply side pressures on sugar prices. While ICRA has taken note
of some improvement in price realization in Q1 SY 2011-12, ICRA
expects that it is unlikely to be sustained given the scenario of
falling international prices, expectations of domestic oversupply
and uncertainty on exports beyond the 1 million MT which has
already been announced by the GoI. DSIL's ratings are also
constrained by the sharp deterioration in the financial profile
of the company as reflected in losses incurred in SY 2011, which
has in turn resulted in depletion in its net worth and a high
gearing of -4.0 times as on Sept. 30, 2011. Further, ICRA expects
its debt repayments falling due in SY2012 and SY2013 to be
significant in relation to expected accruals, thus keeping its
debt coverage indicators and liquidity under pressure in the
medium term. The rating also reflects the risks arising out of
the inherent cyclicality in the sugar business, agro-climactic
factors and government policies governing cane pricing, sugar
release mechanism and pricing of by-products. Nevertheless, the
ratings continue to derive some comfort from the company's long
track record in the sugar business, satisfactory operational
performance and forward integration into cogeneration and
distillery businesses, which will continue to provide alternate
revenue streams and some cushion against cyclicality in the sugar
business.

                      About Dwarikesh Sugar

Dwarikesh Sugar Industries Ltd., promoted by Mr. Gautam R.
Moraraka was incorporated in 1994 by setting up a 2500 TCD Sugar
plant in the sugar rich belt of Uttar Pradesh at Bundki village
in Bijnor District. The Company has been raising its crushing
capacity regularly and the same has since been increased to 21500
TCD. The company currently has three plants viz. Dwarikesh Nagar
(DN), Dwarikesh Puram (DP) & Dwarikesh Dham (DD). DN & DP are
located in Bijnor District of Uttar Pradesh and DD is located in
Bareilly District in Uttar Pradesh. Besides, the Company has
Cogeneration facilities of 17 MW at DN, 33 MW at DP & 36 MW at DD
unit. Out of the above, Company exports 8 MW from DN, 24 MW from
DP & 24 MW from DD unit to State Grid.  The Company at its DN
unit has a distillery of 30000 litres per day, which is capable
of manufacturing Industrial Alcohol & Ethanol.


JHS SVENDGAARD: ICRA Cuts Rating on INR17cr Loan to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the long term rating for INR17.00 crore term
loan and INR6.90 crore fund based working capital limits of JHS
Svendgaard Hygiene Products Limited to '[ICRA]D' from
'[ICRA]BBB-'. ICRA has also revised the short term rating for
INR0.60 crore non-fund based bank limits of JHSSHPL to '[ICRA]D'
from '[ICRA]A3'.

The revision in rating factors in the stretched liquidity
position of the company in past few months resulting in delays in
debt servicing. The ratings also continue to be constrained by
company's moderate scale of operations, high interest and
depreciation burden impacting its net margins, its relatively
high gearing level and its weak debt coverage indicators. ICRA
however, has noted JHSSHPL's experienced management, its firm
off-take agreement with P&G Home Products Limited for detergent
powder and income tax and excise tax benefits available to its
plant in Himachal Pradesh. ICRA also takes note of the proposed
amalgamation of JHSSHPL in group entity JHS Svendgaard
Laboratories Limited.

JHS Svendgaard Hygiene Products Limited was originally
incorporated in the name of M/s Sunehari Dental Care Pvt. Ltd. in
1999. However later on its name was changed to JHS Svendgaard
Hygiene Products Limited after JHS Svendgaard Laboratories
Limited acquired a controlling stake in the company along with
Mr. Nikhil Nanda (promoter of JHS Svendgaard Laboratories
Limited). JHSSLL is a contract manufacturer of oral care products
(primarily Tooth Brushes).

Till 2007, JHSSHPL was involved in trading of oral care products;
however these operations have been discontinued by the company
and it has set up a Plant at Tehsil Nahan, District Sirmour -
Himachal Pradesh for manufacturing detergent powder.

Recent Results:

The company reported an operating income of INR12.48 crore and
net profit of INR0.45 crore during FY2011.


JUMBO BAG: ICRA Cuts Rating on INR3.1cr Loans to '[ICRA]BB+'
------------------------------------------------------------
ICRA has revised the long-term rating to the INR3.1 crore term
loans (enhanced from INR0.6 crore) and the INR31.5 crore long-
term, fund-based facilities (enhanced from INR4.2 crore) of Jumbo
Bag Limited from '[ICRA]BBB-' to '[ICRA]BB+'; the outlook on the
rating has been revised to 'Stable'. ICRA has also revised the
short-term rating to the INR20.4 crore fund-based and non-fund-
based bank limits short-term facilities (enhanced from INR11.7
crore) of JBL from '[ICRA]A3' to '[ICRA]A4+'.

The ratings revision factors in the weakened financial risk
profile of the company underpinned by low profitability metrics
and rise in gearing levels and fall in the coverage indicators.
The ratings are also impacted by the high competitive intensity
in the poly woven bags/FIBC industry, JBL's modest scale of
operations, and, vulnerability of profitability to fluctuations
in polymer prices and rupee-dollar parity. The ratings, however,
factor the long track record of JBL's promoters in the packaging
business, established domestic customer base, currently low
penetration of FIBC in the domestic market and increasing revenue
share from value added FIBC's

                         About Jumbo Bag

Jumbo Bag Limited was incorporated in the year 1990, as a part of
the Bliss Group. The promoters have around three decades of
experience in the packaging industry, and commenced manufacturing
of Flexible Bulk Intermediate Containers in 1994. FIBCs are Poly
Woven bags used for bulk packaging with bag capacity ranging from
1 tonne to 2.5 tonnes. JBL started business in the year 1994-95
with an initial capacity of 0.72 million jumbo bags per annum and
now has the capacity to manufacture more than 3.6 million bags
per annum (capacity of 6070 MT p.a). The company operates 2
plants in Tiruvallur (near Chennai). The company achieved
operating income and net profit of INR43.4 crore and INR0.3
crore, respectively, during H1FY12.


KALYAN SILKS: ICRA Cuts Rating on INR27.44cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has revised the rating outstanding on the INR27.44 crore
term loan facilities and INR54.75 crore fund based facilities of
Kalyan Silks Trichur Private Limited from '[ICRA]BBB-' to
'[ICRA]BB+'.  The outlook on the rating is stable.

The rating revision takes into account the deterioration in
financial profile and stretched liquidity position of the company
contributed by high inventory levels and significant capital
expenditure incurred to fund growth. With the proposed
expenditure to further expand reach in Kerala, leverage levels of
KSTPL are expected to remain stretched in the medium term despite
likely increase in accruals. The rating however considers the
strong brand presence of "Kalyan Silks" in the textile retail
market of Kerala where it commands healthy market position,
integrated nature of operations with presence across retail as
well as wholesale operations providing scale economics and
improving geographical diversification with entry into major
textile markets of Kerala and launch of owned brands across
product categories which are likely to support volumes and
margins going forward. The rating also factors in the intense
competition in the textile retail business which restricts
pricing flexibility to an extent, thin margins inherent in the
business on account of trading nature of operations and
continuous marketing initiatives undertaken by the company and
exposure of earnings to fluctuations in raw material prices which
exhibit significant volatility. The ability of the company to
successfully scale up and improve its cash conversion cycle
amidst intense competition would be key rating sensitivities
owing to the high debt repayment in the ensuing years.

                        About Kalyan Silks

Kalyan Silks Trichur Private Limited, promoted by Mr. T S
Pattabiraman, is a leading textile retail player in Kerala. The
company is a part of the Kalyan group, which has been existent in
the Kerala market for over 100 years. KSTPL started as a
wholesale distributor of textile products and subsequently
ventured into retailing with showroom in Thrissur. Over the
years, the company has expanded into other markets in Kerala
where it currently operates eight retail showrooms spread across
six markets. The company also operates in the wholesale
distribution of textile products which constitutes about 15% of
total revenues.


PARAMOUNT PHARMA: ICRA Assigns '[ICRA]BB-' Rating to INR7cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR7.0 crore, long-term,
fund based limits of Paramount Pharma.  ICRA has also assigned
'[ICRA]A4' rating to INR7.0 crore short-term, fund based
facilities of the company. The outlook on the long term rating is
'Stable'

While arriving at the rating, ICRA has considered the
consolidated operations of two group entities viz., Paramount
Pharma and Boss Pharma on account of common management and strong
operational linkages between the two firms.

The assigned ratings take into account the long standing
experience of the promoter in the pharmaceutical industry and the
proximity of the manufacturing facility to the pharmaceutical
belt of Uttaranchal and Haridwar. The ratings are also supported
by the low gearing, healthy coverage indicators and strong
margins enjoyed by the firm.

Paramount Pharma is a partnership firm registered in 2006 and is
a manufacturer of bulk drugs like paracetamol, chloramphenicol
and chloramphenicol-palmitate. The firm's manufacturing facility
is located in Kathua, J&K and has an installed capacity of 1800
TPA. The bulk drugs are supplied to formulators as well as
traders all over India. The firm was founded by Mr. S.S.
Nandwana, an M.Sc in Chemistry, with over 30 years experience in
the pharmaceutical industry.

Another group entity, Boss Pharma was registered in 2007 and the
firm manufactures and trade bulk drugs, with the manufacturing
setup in Baddi, Himachal Pradesh. The firm manufactures ascorbic
acid (Vitamin C) and other vitamin components such as
Niacinamide. It also undertakes trading of various raw materials
and bulk drugs, on behalf of Paramount Pharma.


SILKTEX LIMITED: Delays in Debt Servicing Cues ICRA Junk Rating
---------------------------------------------------------------
ICRA has revised the long term rating of INR6.84 crore term loan
facilities from '[ICRA]C' to '[ICRA]D' and the short term rating
of INR8.00 crore fund based facilities and the INR2.00 crore non-
fund based facilities from '[ICRA]A4' to '[ICRA]D' of Silktex
Limited.

The rating action takes into account delays in debt servicing by
the company on account of shortfall of funds. The company had got
the term loan restructured from State Bank of India and got a
moratorium till Oct 2011. However in the past two months there
have been delays in servicing the debt obligation by more than 30
days. The financial profile of the company has also shown further
deterioration as reflected in operating loss of INR1.34 crore and
net loss of INR2.99 crore in FY2010-11. As per provisional
financials of six months ended Sep 2011, this poor performance
continued with an operating loss of 89 lakhs and net loss of 2.86
crore.

Silktex Limited was incorporated as a private limited company in
August 1993 and subsequently converted to public limited company
on 28th July 1994. The company is a 100% Export Oriented Unit
manufacturing silk fabrics for home furnishing and dress
material. The company exports its products mainly in USA, UK,
West European countries, Middle East countries, Australia and
Japan.

Recent Results:

For the financial year 2010-11, Silktex recognized an operating
loss of INR1.34 crore and net loss of INR2.99 crore.


S.R.R. JEWELS: Stressed Liquidity Position Cues ICRA Junk Rating
----------------------------------------------------------------
ICRA has downgraded the short term rating for the INR30.00 crores
fund based facility of M/S S.R.R. Jewels to '[ICRA]D' from
'[ICRA]A4+'.

The revision in rating takes into account the stressed liquidity
position of the firm leading to recent delays in the interest
payments emanating from stretched working capital scenario due to
high inventory pile-up. The capital structure also remains on an
adverse side with high working capital borrowing coupled with
modest accretion to reserves due to thin profitability levels.
The rating also factors in the susceptibility of SRRJ's margins
to the raw materials price fluctuation and foreign exchange
fluctuation. The rating however, takes into account the long
relationship with its customers from whom it continues to receive
repeat orders and fiscal benefits it accures by virtue of being
in a SEZ.

                     About S.R.R. Jewels

S.R.R. Jewels was set up on Oct. 1, 2007, as a 100% export
oriented unit (EOU) and is engaged in the business of
manufacturing of gold and diamond studded jewellery. The firm is
located at SEEPZ - SEZ, Mumbai. The promoters, Mr. Kishoemal
Valchand Khimavat and Mr. Bharat K. Jain, have started the
business in April 2, 2003, under a different name and later
changed it to S.R.R. Jewels Private Limited. On Oct. 1, 2007, a
partnership firm was formed, which took over the business of
S.R.R. Jewels Private Limited.

Recent Results:

SRRJ has earned a net profit of INR0.98 crore on an operating
income of INR85.46 crore for the year ended March 31, 2011.


VASANTHA SPINNERS: ICRA Reaffirms '[ICRA]BB' Long-Term Rating
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the
INR61.64 crore (enhanced from INR16.50 crore) long-term fund-
based facilities and INR75.30 crore (enhanced from INR26.00
crore) term loans of Vasantha Spinners Limited.  ICRA has also
reaffirmed its rating on the INR15.03 crore (enhanced from
INR2.00 crore) short-term fund based facilities and INR5.70 crore
(enhanced from INR0.60 crore) short-term fund-based facilities at
'[ICRA]A4'.  The outlook on the long-term rating is "stable".

The ratings reaffirmation takes into account healthy growth in
operating income in FY 2011 and H1, FY 2012 and expected
stability in raw cotton and cotton yarn price which is likely to
improve profitability from H2, FY 2012 onwards. The ratings
continues to factor in the significant experience of the
promoters in cotton ginning, spinning and trading activities,
locational advantage resulting in ease of raw material
availability and logistics cost savings. Also the company
continues to benefit from relatively lower labour costs and power
costs, the latter on account of support from the state government
through subsidies.

However, the ratings remains constrained on account of the
stretched capital structure due to past debt-funded capital
expenditure and working capital intensive nature of the business
and losses related to high cost cotton inventory in H1, FY 2012
putting pressure on the debt metrics. There was deterioration in
profitability in H1, FY 2012 on account of the sharp fall in
cotton yarn prices and presence of high-cost raw cotton inventory
on its books in line with industry. Also the company remains
exposed to volatility in raw cotton and cotton yarn prices and to
regulatory risks on account of frequent changes in government
policy. The ratings also factor in the cyclical nature of the
industry and significant competition in a fragmented industry
limiting pricing power.

                      About Vasantha Spinners

Vasantha Spinners Limited, incorporated in 2005, is primarily
engaged in production of cotton yarn. VSL has spinning facilities
located in Guntur District. Commercial production started from
Jan 29th, 2007 with capacity of 26,400 spindles and the company
started operating at full capacity from August, 2007. VSL
produces cotton yarn in counts ranging from 30s to 60s for both
knitting as well as weaving segments produces 70% combed and 30%
carded variety. The company enhanced its production capacity to
33, 120 spindles from April, 2009 onwards. Subsequently the
company increased its capacity in phases, adding 16,000 odd
spindles in March 2010 and another 16,000 spindles in September,
2010 thus current capacity stands at 66,912 spindles. The company
has around 8,000 spindles of compact yarn in its portfolio.


=========
J A P A N
=========


L-JAC5 TRUST: Moody's Lowers Rating on Class E-1 Notes to 'C'
-------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class E-1
through Class I-1 Trust Certificates issued by L-JAC 5 trust.

The final maturity of the Trust Certificates will take place in
August 2015.

Details follow:

Class E-1, Downgraded to C (sf); previously on July 14, 2010
Downgraded to Caa3 (sf)

Class F-1, Downgraded to C (sf); previously on July 14, 2010
Downgraded to Caa3 (sf)

Class G-1, Downgraded to C (sf); previously on July 14, 2010
Downgraded to Caa3 (sf)

Class H-1, Downgraded to C (sf); previously on July 14, 2010
Downgraded to Caa3 (sf)

Class I-1, Downgraded to C (sf); previously on July 14, 2010
Downgraded to Caa3 (sf)

Deal Name: L-JAC 5 Trust

Class: Class E-1 through I-1 Trust Certificates

Issue Amount (initial): JPY2.6 billion

Dividend: Floating

Transfer Date of Trust Certificates: September 7, 2007

Final Maturity Date: August 2015

Underlying Asset (initial): 13 non-recourse loans

Entrustor: Lehman Brothers Japan Inc. and New Century Finance Co.
Ltd. (as of issue date)

Arranger: Lehman Brothers Japan Inc (as of issue date)

The L-JAC 5 Trust, effected in September 2007, represents the
securitization of 13 loans. Two loans were paid in full by their
maturity dates, and five defaulted loans were almost fully
recovered after special servicing. The transaction is now mainly
secured by six loans, of which five are under special servicing.

The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee.

The Trustee in turn issued the Trust Certificates of Class A
through J-1 and Class X-1 and X-2. The Trust Certificates are
rated by Moody's.

The Trust Certificates of Class A through C are composed of sub-
classes, which correspond to the three loan pools. For each loan
pool, the principal proceeds -- from scheduled amortizations and
prepayments -- will be allocated only within the respective
classes (including sub-classes) corresponding to the specific
loan pool.

The repayments distributed to each sub-class will be re-allocated
to Class A through C, and in proportion to each outstanding
amount.

Loss allocation is based on a reverse-sequence in each loan pool.
For Classes A through C, losses allocated to each sub-class will
be added up, and the total losses of the sub-classes will be
allocated to Class A through C in the reverse order of priority.

Ratings Rationale

The current rating action reflects the result of a write-down of
the Class E-1 through I-1 trust certificates, in turn due to the
loss on a special servicing loan.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010 and available on
www.moodys.co.jp.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


=========
K O R E A
=========


NATIONAL AGRICULTURAL: Moody's to Check Impact of Reorg on Rating
-----------------------------------------------------------------
Moody's Investors Service says it remains to be seen as to
whether plans to reorganize the National Agricultural Cooperative
Federation (NACF; A1 negative/D+/Ba1 negative) will affect its
foreign currency senior/subordinated debt ratings as further
details have yet to be announced.

Moody's notes that NACF will soon start to ask certain holders of
its foreign currency notes to waive their contractual rights for
early redemption of the notes, as the reorganization -- scheduled
to occur on March 2, 2012 -- gives such rights.

The reorganization will separate NACF into several legal entities
with the assumption of a holding company structure. There will be
two intermediate holding companies. One will have equity stakes
in the financial services subsidiaries (including NH Bank, which
will be established) and the other will own entities in the
agricultural industries.

(1) Solicitation of consent from certain holders of foreign
    currency notes

NACF estimates about US$2.9 billion in foreign currency debt is
subject to the solicitation, and the amount for solicitation is
about 29% of the sum of its debentures and borrowings and
customer deposits in foreign currency (or 1.7% of total assets in
NACF's banking unit). The affected notes are listed at the end of
this press release.

"We understand that NACF is carrying excess liquidity of over US$
1 billion to mitigate refinancing risk, and the degree of success
in the solicitation will affect overall liquidity condition in
foreign currencies," Moody's said.

Although all-in-costs due to the solicitation will depend on its
negotiation with the noteholders, Moody's believes that NACF's
earnings can sufficiently cover these one-off costs.

NACF will also start to contact the counter-parties of other
types of contracts, such as derivatives contracts.

(2) Application of a cross-guarantee on existing debt among
    entities after the reorganization

According to NACF, its Representative Assembly plans to decide
that debt at the time of the reorganization would be cross-
guaranteed by all legal entities after the reorganization, in
accordance with the Commercial Code of Korea.

Note that this cross-guarantee will work both ways: bonds
assigned to the future NH Bank will benefit from cross-guarantees
from other NACF legal entities. But NH Bank would also shoulder
cross-guarantee obligations to other legacy debt within the
group.

(3) The credit quality of NH Bank, which will be established as a
    separate legal entity after the reorganization

Once Moody's has adequate information, Moody's will analyze the
intrinsic financial strength of the new NH Bank as well as make
assumptions about systemic support. The bank will take over
almost all the assets and liabilities of NACF's current credit
and banking division and will issue new debt after the
reorganization.

One of the key variables used to assess NH Bank's intrinsic
financial strength will be its capital adequacy and earnings.
Although NACF plans to position the regulatory capital ratios of
NH Bank in line with its domestic peers, a large amount of debt
will be raised to facilitate the reorganization and NH Bank is
likely to be the main servicer of the debt, possibly through high
dividend payouts.

"We believe that any enhancement in the overall capital adequacy
of NACF is likely to be smaller than Moody's expected last year,
as a substantial portion of the capital to facilitate the
reorganization is likely to be in the form of debt-like
instruments, rather than genuine equity," Moody's said.

The reorganization requires new capital of about KRW11 trillion,
and the government and NACF plan to contribute KRW5 trillion and
KRW6 trillion, respectively.

In early 2012, the National Assembly decided that the government
provide NACF with capital support worth KRW5 trillion. While the
amount is short by KRW1 trillion -- when compared with NACF's
request for KRW6 trillion -- the quality of capital support is
likely to be modest.

Out of the KRW5 trillion, KRW2 trillion is likely to comprise a
contribution of certain assets, such as equities or bonds, while
the remaining KRW 3 trillion will take the form of compensating
interest expenses.

With the interest expense compensation, the government plans to
pay NACF KRW150 billion -- annual interest on KRW3 trillion in
new debt to be issued by NACF -- per year until 2017. And it
could be further extended if the government agrees in 2017.

There is a high level of uncertainty around the details of the
KRW2 trillion asset contribution, as the government and NACF are
still discussing the specific terms.

In particular, Moody's is keen to see the actual market value and
liquidity of these assets, what legal entity in NACF is to
receive the assets, and the terms of the securities that NACF
will issue to the government as a consideration for its asset
contribution.

In addition to capital support from the government, NACF needs to
raise KRW6 trillion on its own.

According to its current plan, of the KRW6 trillion, KRW4.7
trillion is likely to come from new debt: KRW4 trillion in
borrowing from its mutual credit account, and which NACF operates
as reserves belonging to its member co-ops, and KRW0.7 trillion
in bond issuance.

Refinancing risk for the KRW4 trillion in borrowings will not be
large, as NACF manages the account.

Only the remaining balance of KRW1.3 trillion seems to be genuine
equity: KRW0.5 trillion in contributions from member co-ops, and
KRW 0.8 trillion in its internal reserve.

List of notes subject to the solicitation is:

- US$400 million, 5.55% notes due 2012;
- US$180 million, 8.50% notes due 2014;
- US$500 million, 5.00% notes due 2014;
- US$500 million, 4.25% notes due 2016;
- US$500 million, 3.50% notes due 2017;
- HK$230 million, 4.80% notes due 2012;
- HK$250 million, 4.56% notes due 2013;
- SG$50 million, 1.10% notes due 2012;
- SG$38 million, zero coupon notes due 2012;
- SG$40 million, 1.27% notes due 2013; or
- JPY10 billion, 3.16% notes due 2018.

The list of NACF's ratings is:

- Foreign currency long-term deposit rating: A1 negative
- Foreign currency long-term senior debt rating: A1 negative
- Foreign currency long-term subordinated/junior subordinated
   debt of A2/A2 negative
- Foreign currency short-term deposit of Prime-1
- Bank Financial Strength Rating: D+ negative
- Baseline Credit Assessment: Ba1 negative

Established in 1961 under the Constitution of Korea and the
Agricultural Co-operative Law, NACF acts as an umbrella
organization for agricultural and livestock co-operatives, which
represent almost all farmers in Korea. The structure operates on
a two-tier system, with NACF in the upper tier and member co-ops
in the lower tier. Member co-ops own NACF. NACF, headquartered in
Seoul, had KRW 303 trillion in assets (including its non-
financial operations) as of September 2011.


NATIONAL AGRICULTURAL: Solicits Consents from Noteholders
---------------------------------------------------------
National Agricultural Cooperative Federation announced on
Jan. 23, 2012, that it has commenced a solicitation of consents
from holders of the Company's US$400,000,000 5.55% notes due 2012
(isin:XS0325787561), US$180,000,000 8.50% notes due 2014
(isin:XS0412097478), US$500,000,000 5.00% notes due 2014 (rule
144a notes isin:US63243NAA28)(cusip:63243NAA2)(regulation s notes
isin:US63243MAA45)(cusip:63243MAA4), US$500,000,000 4.25% notes
due 2016 (rule 144a notes
isin:US63243NAB01)(cusip:63243NAB0)(regulation s notes
isin:US63243MAB28)(cusip:63243MAB2), US$500,000,000 3.50% notes
due 2017 (rule 144a notes
isin:US63243NAC83)(cusip:63243NAC8)(regulation s notes
isin:US63243MAC01)(cusip:63243MAC0), HKD230,000,000 4.80% notes
due 2012 (isin:XS0378237837), HKD250,000,000 4.56% notes due 2013
(isin:XS0363626267), SGD50,000,000 1.10% notes due 2012
(isin:XS0644411752), SGD38,000,000 zero coupon notes due 2012
(isin:XS0644991498), or SGD40,000,000 1.27% notes due 2013
(isin:XS0656071239), each issued under its U.S.$8,000,000,000
Global Medium Term Note Programme (each a "Series" and together
the "Notes") to approve, by an extraordinary resolution,
proposals in connection with the reorganization plan to be
implemented by the Company pursuant to the amended National
Agricultural Cooperative Federation Act adopted on March 31,
2011, which is due to take effect on March 2, 2012. The Proposals
will be voted at a meeting of the holders of all Series of Notes,
which will be held at 5:00 p.m. (London time) on Feb. 14, 2012,
at the office of Clifford Chance LLP, 10 Upper Bank Street,
London E14 5JJ, United Kingdom. If a quorum for the Meeting is
not established for any reason, the Meeting shall be adjourned
for 14 days and the adjourned meeting will be held on Feb. 29,
2012, at such place and time as the chairman of the Meeting may
designate. The quorum for the Meeting will require the presence
by one or more persons holding Notes representing in the
aggregate not less than 50% in the nominal principal amount of
all Series of Notes for the time being outstanding, and the
quorum for the Adjourned Meeting will require the presence by one
or more persons holding any Notes (whatever the principal amount
of such Notes). To approve the Extraordinary Resolution, a
majority consisting of not less than 75% of the votes given must
vote in favor of it.

Subject to satisfaction of certain conditions (including, among
others, approval of the Extraordinary Resolution at the Meeting
or the Adjourned Meeting), the Company will pay a consent fee to
each Noteholder who delivers its consent prior to 5:00 p.m.,
New York City time, on Feb. 6, 2012, (such time and date, as the
same may be extended by the Company, the "Consent Fee Deadline").
The consent fee payable to a Noteholder is 0.375% of the
principal amount of the Notes held by such Noteholder and in
respect of which a consent has been duly provided.

The complete terms and conditions of the Consent Solicitation are
as set forth in the Company's Solicitation Statement dated
Jan. 23, 2012, to be distributed to Noteholders for their
consideration.  Noteholders are urged to read the Solicitation
Statement carefully.

Copies of the Solicitation Statement may be obtained by the
Noteholders from the Information Agent for the Consent
Solicitation, Bondholder Communications Group, LLC, at +44 (0)20
7382 4580 or +1 212 809 2663.

If you have any questions about how to submit your voting
instruction or request a voting certificate, you should contact
the Tabulation Agent, Citibank, N.A., at +44 (0)20 7508 3867.

Bank of America Merrill Lynch, Citi and Credit Agricole CIB are
the Solicitation Agents for the Consent Solicitation. Questions
regarding the Consent Solicitation may be directed to BofA
Merrill Lynch at +1 646 855 3401, Citi at +1 212 723 6108 or
Credit Agricole CIB at +44 (0)207 214 7408.

None of the Information Agent, the Tabulation Agent or the
Solicitation Agents makes any recommendation as to whether
holders of the Notes should consent to the Proposals pursuant to
the Consent Solicitation, and no one has been authorized by any
of them to make such a recommendation. Each Noteholder must make
its own decision as to whether to give its consent.


====================
N E W  Z E A L A N D
====================


BLUE CHIP: Liquidator Lodges $40MM Claim Against Execs, Auditor
---------------------------------------------------------------
BusinessDesk reports that Blue Chip liquidator Meltzer Mason
Heath has lodged a statement of claim in the High Court in
Auckland against Blue Chip directors and auditors seeking more
than NZ$40 million for about 800 out-of-pocket investors in the
failed property developer.

The claim focuses on the post-2006 period, when Blue Chip sold
apartments off development plans in Auckland's central business
district, and alleges there were "inherent flaws" in the business
model which led to its collapse, according to BusinessDesk.

BusinessDesk relates that liquidator Jeff Meltzer said
purchasers' deposits were paid to Blue Chip New Zealand and used
as working capital, rather than being held in a solicitor's trust
account.

                     Directors' Trial Resumes

Meanwhile, The National Business Review reports that proceedings
against three directors of Bridgecorp have recommenced at the
High Court at Auckland.

Defence lawyers are now cross examining witnesses who gave their
evidence in chief late last year, NBR says.

According to NBR, the long-awaited trial began on October 25 but
has been delayed four times and held up by a last-minute change
of legal representation for one of the accused. It was held over
by the court last month after lawyer Brian Keene QC was
hospitalized, NBR relates.

NBR says the directors are on trial for allegedly misleading
investors by making untrue statements in investment documents.

Rod Petricevic, Rob Roest, and Peter Steigrad deny 10 charges
under the Securities Act, reports NBR.

The case is expected to run until March, NBR adds.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of
Mark Bryers' failed Blue Chip group, also went into liquidation
in June 2011.


CRAFAR FARMS: Fay Group Files Legal Action to Obtain OIO Report
---------------------------------------------------------------
Lawyers for the Crafar Farms Purchase Group on Tuesday filed
proceedings in the High Court in Wellington with the initial aim
of obtaining a copy of the crucial Overseas Investment Office
(OIO) recommendation on whether or not the 16 North Island
properties should be sold offshore.

"Our concern is that there has been no transparency around the
OIO's involvement in this matter so far and that appears unlikely
to change, forcing us to launch litigation this morning," Alan
McDonald, a spokesman for the purchase group, said.

"There is a very real risk that a final decision could be made
without anyone receiving the information needed to launch an
effective judicial review, and there is therefore a very strong
public interest in the OIO recommendation being made available."

Mr. McDonald said there was also a risk that ministers could make
a decision this week -- prior to the January 31 deadline set by
receivers KordaMentha -- without announcing it publicly until
after a sale of the properties was completed, potentially making
ineffective subsequent judicial oversight.

The Crafar Farms have a total area of approximately 10,000
hectares, the same size as 167 18-hole golf courses, 20 Millbrook
Resorts or all of Hamilton.

Mr. McDonald said the OIO recommendation is believed to be that
the land be sold to Shanghai Pengxin, a company backed by the
Government of China and with no background in dairy farming, but
reported to be offering an amount that no dairy farmer believes
would make farming on the land economic. Shanghai Pengxin's lack
of expertise in dairy farming is why the purchase group argues
any OIO recommendation in favour of the offshore sale would be
wrong in law.

The alternative purchase group includes Tiroa E and Te Hape B
Trusts, Tauhara Hapu Trusts, Aitchison Farms Limited, WD Holmes
2000 Trust, Sir Michael Fay, Donovan Group Limited and Brent
Cook.

If successful in obtaining the properties, they will be split
amongst the group, so that each of the farms will be owner-
operated by an entity with experience in dairy farming in the
Central North Island.

No one in the group will own more than two of the farms and the
Government has been advised that all members of the group are
happy to be made legally unable to on-sell the properties to
foreign owners.

Mr. McDonald said the group's Statement of Claim to the High
Court in Wellington sought the court's agreement that any
judicial review of the OIO's recommendation or ministerial
decisions should be completed before KordaMentha's January 31
deadline.

For this to be possible, the group is seeking that discovery be
allowed to begin immediately and that the OIO's recommendation
become available before any ministerial decision is finalised.

The group has also asked ministers to make any decision they make
provisional on a judicial review. It is being represented by
leading QC Alan Galbrait and legal heavyweights Bell Gully.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


CRAFAR FARMS: Third Person Arrested in Natural Dairy Case
---------------------------------------------------------
Jazial Crossley at Fairfax NZ News reports that a third person
has been arrested in relation to Chinese company Natural Dairy
(NZ) Holdings' failed bid to buy the Crafar farms in 2010.

Fairfax NZ relates that New Zealand resident Eric Yee, a
Singapore national also known as Yee Wenjye, has been charged in
Hong Kong by the Independent Commission Against Corruption (ICAC)
with one count of conspiracy to defraud.

According to the news agency, Mr. Yee is accused of trying to
defraud Natural Dairy (NZ) Holdings, fronted by May Wang, by
claiming that the farms made a profit of NZ$18.5 million in the
year to May 2009 when they allegedly made a loss of around
NZ$30 million.

Ms. Wang, now bankrupt, appeared in court in Hong Kong on Jan. 18
on corruption charges, Fairfax NZ reports.  She faces two counts
of dealing with property believed to represent proceeds of a
crime and one count of conspiracy to offer advantages to an
agent, the report notes.

Ms. Wang's former business partner Jack Chen, now known as Chen
Keen, faces the same charges. Both cases were adjourned to
April 18, Fairfax NZ adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


=================
S I N G A P O R E
=================



FUSION GARAGE: Goes Into Voluntary Liquidation
----------------------------------------------
The Strait Times reports that Fusion Garage goes into voluntary
liquidation as it cannot pay creditors.

According to the report, the Accounting and Corporate Regulatory
Authority revealed that the business is in liquidation, under a
creditors' voluntary winding-up.

This means that accountants have been appointed and, in the
likely scenario that they find the company insolvent, its assets
will be sold to pay off its debts, according to the report.

Fusion Garage was a Singapore-based development studio.  The
company produced a Linux-based tablet computer called JooJoo.


LTN HOLDINGS: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------
Creditors of LTN Holdings Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


MECH-TECH MARINE: Creditors' Meeting Set for Feb. 9
---------------------------------------------------
Creditors and contributories of Mech-Tech Marine Pte Ltd will
hold their meeting on Feb. 9, 2012, at 4:30 p.m., at 138 Cecil
Street #05-03, in Singapore 069538.

At the meeting, Chee Fung Mei, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SWISSVALE PTE: Creditors' Proofs of Debt Due Feb. 20
----------------------------------------------------
Creditors of Swissvale Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


TAMPINES VALE: Creditors' Proofs of Debt Due Feb. 20
----------------------------------------------------
Creditors of Tampines Vale Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


VAREWARE TRADING: Creditors' Proofs of Debt Due Feb. 3
------------------------------------------------------
Creditors of Vareware Trading Pte Ltd are required to file their
proofs of debt by Feb. 3, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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